14 qualified bidders have stated their intent to participate in an auction to be held today, where they can bid to buy the entire Ravn Air Group, separate airlines, or some/all of a series of bundled lots of Ravn Air Group’s assets. Following the auction, Ravn and its Lenders will then seek approval of these sales at a final Bankruptcy Court hearing on July 9.
While bids will still be solicited to acquire Ravn as a “going concern,” which would enable the entire Air Group and all three of its airlines to return to service and rehire employees, Ravn’s secured creditors recently set $43 million as the minimum bidding price for this entire group of assets. As a result, the primary focus of the auction will now be on the airlines and assets separately associated with RavnAir Connect, RavnAir Alaska, and PenAir.
In a statement released on Monday, Ravn’s President and CEO Dave Pflieger noted that the company is seeing a great deal of interst from other airlines in Alaska in purchasing the assets, and that the ultimate goal is to preserve as many jobs as possible. He also noted the need to continue serving the same communities Ravn served before the arrival of COVID-19 put a wrench in their operations.
